Target Names Steinhafel Chairman of the Board

Target Corp. has given another role to president and CEO Gregg Steinhafel: chairman of the board, effective Feb. 1.

Steinhafel takes over for Bob Ulrich, who will soon retire after 41 years with the company. Steinhafel has been with Target since 1979.

“During Bob’s tenure, Target has achieved outstanding financial results and become one of the most recognized and valuable brands in the world,” said Jim Johnson, vice chairman of the executive committee of Target's board of directors. “As we look to the future, we are completely confident in Gregg’s leadership and his ability to build on Bob Ulrich’s legacy.”